Indian Rupee: NSE Futures Approch 65 Levels, INR Recovers

The Indian Rupee strengthened in early moves today as a rebound in global equities boosted sentiments for local stocks and triggered good buying in the INR. Domestic shares were trading higher, mirroring gains in other Asian indices, as remarks by Chinese President Xi Jinping helped soothe investor jitters over US-China trade tensions. The Sensex rose 161.44 points, or 0.48% at the days high of 33,949.98 in morning trade, its highest intraday level since 13 March 2018. The index rose 78.44 points, or 0.23% at the days low of 33,866.98 in early trade. This supported the INR after recent volatility and the USD/INR futures on the NSE approached 65 levels. The pair is currently down 0.12% on the day, hovering at 65.05 mark, indicating decent gains for the INR. The US dollar index is trading flat around 89.60 levels in Asia.

US dollar has been trading weak recently. The Dollar index slipped from a three week high on Friday after weak US dollar jobs. After reporting a substantial increase in US employment in the previous month, the Labor Department released a report on Friday showing job growth slowed by much more than anticipated in the month of March. The Labor Department said non-farm payroll employment rose by 103,000 jobs in March after spiking by an upwardly revised 326,000 jobs in February. The Fed said consumer credit rose by $ 10.6 billion in February after jumping by an upwardly revised $ 15.6 billion in January.